Legalized gaming and specifically sports betting are in the heart of the prime betting season with the NFL, NCAA football, NBA, NCAA basketball and NHL all in full swing. The public acceptance of legalized gaming has started a similar trend to legalized marijuana or cryptocurrency. What has started as a far fetched idea is quickly becoming mainstream. Many industries are realizing the potential money in legalized gambling, especially the states and legislatures. The industry has started to take some unique directions and trends. Here are a few of this week’s main headlines:
Atlanta Pro Teams Are Getting Behind Gambling
Atlanta pro sports teams have always tried to capture the attention of the local fan base. Whether it was batting cages, high-end bars or barbershops in the stadium, even wall climbing. Now it is mobile betting from your seat with your phone. The Big Four (Hawks, Braves, Falcons, and United) have essentially made the claim that compulsive mobile betting by fans will increase interest in their sport and will lead to more tax revenue which will fun education. So we need to gamble for the children of Atlanta. Worse arguments have been made. The other argument is all the money fans are wagering is being bet offshore or somewhere else anyway so why not legalize and make sure tax revenue stays local? And of course, most other states are starting to legalize so why not Atlanta? College sports also play a role. We will have to monitor the situation in Georgia as things progress.
Legalized Sports Betting May Bring An Unwanted Houseguest
As this industry starts to grow it will surely create some interesting predicaments. Like Norman Chad said, “Legalized sports betting, what could go wrong?” Europe is about 6 years ahead of the states in legalized betting and that has created some problems in the USA as legalized gaming grows. Many European companies already have the infrastructure to tackle mobilized betting and that is attracting US states who are in the early stages of legalization. The problem is these European companies are full of shady characters. For instance, Indiana has been dealing with a company connected to the Italian mafia. Other controversies have ensued in Oregon and Rhode Island. Lastly, the illegal underground betting scene in the states has made a move into legalized gaming creating what should be a very entertaining industry to watch as we move forward.
Wall Street is Wading Into Sports Gambling
All we need is Wall Street to come in and destroy a legitimate advantage a bettor might have against the house. In fact, Wall Street wants to get rid of “The House” completely. Wall Street is aiming to create exchanges where bettors duel against each other. “There is no need for a gaming company to reinvent the wheel to handle large volumes of transactions.” Wall Street will, in my opinion, only make things worse for the common bettor just like they have for the common investor. Although the technology for the common user is better they just can’t compete with Wall Street trading algorithms. TD Ameritrade recently commented with a teaser they will not reveal anything yet, but they do have a lot of innovative products in the works. That’s code for product’s rigged in their favor in the works.
Sports Betting, Addiction Services, and the Mob: Virginia’s Gaming Report
It’s clear sports betting can be implemented into action much quicker than casinos, up to four years quicker. Legalized gaming states are trying to get the sportsbooks going while they wait on the brick and mortar casinos to be built. Current legal sportsbooks Draftkings and Fanduel have been attractive options for state sportsbook infrastructure in the short term. Another finding in the report is the state is not doing enough to help problem gamblers. I know from personal experience when I called the gambling problem 800 number they had no useful advice on who to bet that night. Regulation is also on the list of priorities with unregulated machines being at the top of the list. And lastly, they said the mob is not involved which most likely means the mob is definitely involved.
Tidbits:
- Draftkings ready for New Hampshire sports betting launch.
- User acquisition is the only metric that matters in legalized sports betting.
- New Jersey’s gambling resurgence may only be temporary.
- Recent deal from William Hill to acquire sports betting assets of CG technology.
- Support continues to grow for a Kentucky sports betting bill.
- California horse racing supports Tribal sports betting.
- Pizza and gambling. The winning combination in Bloomington, Illinois.
